This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 54 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 54 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Political climate, economic shifts, laws and regulations, technology, industry trends, and competition are all examples of: A) External forces. B) Weaknesses. C) Core competencies. D) External reviews. Show Answer Correct Answer: A) External forces. 2. The following are characteristics of what economic system. private property, systems of market and prices, freedom of choice, competition, and motive of self-interest. A) Traditional Economic System. B) Command Economic System. C) Market Economic System. D) Pure market Economic System. Show Answer Correct Answer: C) Market Economic System. 3. An exclusive right granted for an invention, which is a product or a process that provides a new way of doing something, which could lead to Monopolies cerated. A) Copyright. B) Trademark. C) Rights. D) Patent. Show Answer Correct Answer: D) Patent. 4. How many monkey? A) 1. B) 2. C) 3. D) 4. Show Answer Correct Answer: A) 1. 5. It is the most democratic form of economic system. A) Traditional. B) Command. C) Market Economy. D) All of these. Show Answer Correct Answer: C) Market Economy. 6. How does interest rates affect entrepreneurs? A) Low interest rate attracts more entrepreneurs to keep their extra money and spend less. B) High interest rate attracts more entrepreneurs to start their business in the country. C) Low interest rate attracts more entrepreneurs to start their business in the country. D) None of the above. Show Answer Correct Answer: C) Low interest rate attracts more entrepreneurs to start their business in the country. 7. It indicates that two variables are negatively related; when one variable increases, the other decreases, and when one variable decreases, the other increases. A) Positive slope. B) Slope of zero. C) Negative slope. D) Slope. Show Answer Correct Answer: C) Negative slope. 8. Any person who can create something new or something different has already acquired a competitive advantage. A) Business. B) Businessman. C) Entrepreneur. D) Entrepreneurship. Show Answer Correct Answer: C) Entrepreneur. 9. Situations in which they have to choose between two things that cannot be had at the same time. A) Economics. B) Trade-offs. C) Scarcity. D) Opportunity Cost. Show Answer Correct Answer: B) Trade-offs. 10. Restaurants, hair salons, clothing, and consumer electronics are examples under this market structure. A) Monopoly. B) Monopolistic Competition. C) Perfect competition. D) Oligopoly. Show Answer Correct Answer: B) Monopolistic Competition. 11. It is the condition where there are insufficient resources to satisfy all the needs and wants of a population A) Economic resources. B) Economic system. C) Supply schedule. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 12. SWOT Analysis was created in the 1960s by business gurus. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 13. In which market do businesses sell? A) Product Market. B) Factor Market. C) Market Economy. D) Fresh Market. Show Answer Correct Answer: A) Product Market. 14. What is the role of incentives in economics? A) They have no impact on decision-making. B) They are only relevant in government policies. C) They are not considered in cost-benefit analysis. D) They motivate individuals and organizations to act in certain ways. Show Answer Correct Answer: D) They motivate individuals and organizations to act in certain ways. 15. An advantage occurs when business is able to offers same products at a lower price. A) Cost Leadership. B) Differentiation. C) Defensive Strategies. D) Alliances. Show Answer Correct Answer: A) Cost Leadership. 16. If the price of a good declines from $ 5.00 per unit to $ 4.00 per unit, and you continue to purchase 5 units of this good, as you had in the past, your real income has A) Decreased by $ 5.00. B) Increased by $ 4.00. C) Decreased by $ 4.00. D) Increased by $ 5.00. Show Answer Correct Answer: D) Increased by $ 5.00. 17. What does consumer behavior refer to? A) The influence of advertising on consumer preferences. B) The impact of government regulations on consumer choices. C) The study of how individuals make choices about consumption. D) The study of how businesses make production decisions. Show Answer Correct Answer: C) The study of how individuals make choices about consumption. 18. The essentials of life such as food and water. A) Needs. B) Wants. C) Population. D) Land. Show Answer Correct Answer: A) Needs. 19. I. FACT (True) or BLUFF (False) (1-5)1. Choice is the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options. A) FACT. B) BLUFF. Show Answer Correct Answer: A) FACT. 20. Which government agency is responsible for the following?number of condominium units A) BSP. B) NEDA. C) HURLB. D) POEA. Show Answer Correct Answer: C) HURLB. ← PreviousNext →Related QuizzesEconomics QuizzesApplied Economics Quiz 1Applied Economics Quiz 2Applied Economics Quiz 3Applied Economics Quiz 4Applied Economics Quiz 5Applied Economics Quiz 6Applied Economics Quiz 7Applied Economics Quiz 8Applied Economics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books